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Pro forma |
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| 2005 | 2004 | 05/04 | 2005 * | 2004 ** | P05/P04 | |
| Front Office / Buy Side Solutions | 133,4 | 136,3 | - 2% | 133,4 | 140,4 | - 5% |
| Post Trade Derivatives (UBIX, GL CLEARVISION) | 19,1 | 6,8 | + 182% | 19,1 | 17,6 | + 8% |
| Back Office Equities (GL SETTLE) | 7,4 | 6,2 | + 21% | 5,9 | 6,2 | - 5% |
| TRADIX | 4,4 | 0,7 | + 542% | 4,4 | 3,9 | + 13% |
| FERMAT | 14,9 | 0,2 | + 7255% | 14,9 | 2,3 | + 551% |
| At current scope | 179,2 | 150,1 | + 19,4% | 177,7 | 170,4 | + 5,2% |
| At constant scope | 140,4 | 147,2 | - 4,6% | |||
* : exlcuding Oasis ; ** : yc 12 months Tradix, Ubix, Fermat, DDS
An adapted diversification strategy
Front Office business, particularly affected by M&A activities in France and Italy, fell slightly by 5% whereas the Post Trade Derivatives business lines (GL CLEARVISION-UBIX) and Tradix grew by more than 10% on a constant consolidation basis. This solid performance confirms our development strategy based on a multi-instrument, cross-selling solution with Straight Through Processing for derivatives markets.
Fermat, which specializes in banking risk management, posted exceptional business results for 2005, with a non-recurring turnover (including a significant proportion of outsourced consulting services) of over €14M - compared to €2.2M in 2004.
2005 also saw the company's historical technology and the functionalities acquired over the past few years merge into a unified Front End for trading and order management - capable of handling both client and market orders.
Consolidated positions abroad
Our expansion into Eastern Europe is looking very promising with, in particular, almost €1.5M achieved in Russia. GL TRADE opened an office in Moscow at the end of 2005 to support this development.
The company is going from strength to strength in the Asia Pacific region, with an organic growth of over 19% for the region. GL TRADE is now a key local player with offices based throughout the area.
Several major successes in the face of stiff competition in 2005, together with the successful integration of the companies we acquired in 2004 and 2005 (Ubitrade, Davidge Data Systems and Oasis), confirmed our strategy on the American continent. Revenues for the region increased by 42%.
Profit outlook
Preliminary figures, which have not yet been audited, confirm an EBIT profitability in % similar to that of the first half of 2005: around 17% - excluding non reccuring items (e.g. sale of the non-strategic stake held in Bourse Connect) and amortization of recent acquisitions ‘clients contracts.
The Board of Directors will approve 2005 accounts beginning of March as soon as the expenses’ audit is finalized. Financial statements for 2005 will be published on March 7th, 2006. A presentation of definitive results and 2007 forecast is organized on March 8th, 2006 at 3.30 PM at the Palais Brongniart, Paris.
